006.09.1 R2-19-4-1601. Year-end Reporting for the Comprehensive Annual Financial Report
AR ADC 006.09.1 R2-19-4-1601Arkansas Administrative Code
Ark. Admin. Code 006.09.1 R2-19-4-1601
006.09.1 R2-19-4-1601. Year-end Reporting for the Comprehensive Annual Financial Report
Payroll expense incurred but unrecorded at year-end is termed “accrued payroll expense.” Accrued payroll expense is a liability and expense that will need to be recorded at year-end during the closing process by each agency. Salary and retirement information will be provided to each agency by the Department of Finance and Administration-Office of Accounting at year end for verification. This information will provide the proper balance for the accrued payroll expense account. Each agency will be required to enter the journal entries to adjust this account as follows:
• Debit 5010001100 NBR Personal Services (current year accrued salary expense)
• Debit 5010001600 NBR Employee Benefits (current year accrued retirement and payroll tax expense)
• Credit 2115006000 Accrued Salary & Benefits (to record the year-end accrual)
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 006.09.1 R2-19-4-1601, AR ADC 006.09.1 R2-19-4-1601
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